GAME OVER! Tesla BETRAYED By Panasonic After $3.6 Billion Tesla Stock Sell Off

After all the hype regarding the new 4680 batteries which will be utilized in Tesla’s future cars, including the Tesla Cybertruck, semi-truck, and tesla 2021 roadster, it was unexpected by many that Panasonic has now sold their huge stake in the Elon Musk owned Tesla company, But why did Panasonic randomly sell all it’s tesla shares? And What is happening to the Tesla and Panasonic partnership? These questions will be answered today; But first, Welcome to Tesla Future; Where we talk about the future of Tesla, tesla stock, and Elon musk’s projects; If you’re new here it will be greatly appreciated if you liked and subscribed to our channel; it's free and you can always change your mind;
Panasonic, which jointly owns a battery factory with Tesla, sold the entirety of its stake in the electric vehicle maker for around 400 billion yen which is around $3.6 billion;
The Japanese company held $730 million of Tesla shares as of March last year and that stake had been reduced to zero by the end of this March, Panasonic disclosed in a filing Friday; Tesla’s stock appreciated more than fivefold over the 12-month period;
The sale was part of a review of Panasonic’s cross-shareholdings policy in accordance with corporate governance code guidelines and won’t impact upon the company’s relationship or partnership with Tesla, spokeswoman Yayoi Watanabe said, adding that Panasonic had informed Tesla about the transaction; Proceeds will be used for investing in future growth, she said;
The Nikkei reported the news earlier, saying Panasonic will use the proceeds to help pay for its $7 billion acquisition of artificial intelligence software developer Blue Yonder;
Panasonic, under new President and Chief Executive Officer Yuki Kusumi, has embarked on a two-year mission to churn out more batteries for Tesla and shake-free billions of dollars to invest in new areas of growth by making the company more efficient;
Better efficiency in operations such as manufacturing will increase Panasonic’s ability to generate cash, in turn freeing up hundreds of billions of yen to direct toward new initiatives, including mergers and acquisitions, Kusumi, who formally took the helm of the 103-year-old Japanese company on Thursday, said in an interview with Bloomberg;
That drive to streamline operations is one of the reasons Panasonic decided to acquire Blue Yonder earlier this year; With the Arizona-based company’s software and its own sensor technologies, Panasonic can analyze site operations for inefficiencies, such as when workers are being left idle between tasks, Kusumi said;
Tesla counts Panasonic as its longest-standing battery supplier and the two have invested billions of dollars in a battery factory in Nevada; The relationship has been contentious at points, with Panasonic facing frequent — and at times public — prods from Tesla Chief Executive Officer Elon Musk to boost battery production; Panasonic also has a battery partnership with Toyota Motors; The global market for EV batteries is projected to reach $35.4 billion in 2023;
As we know, Panasonic’s new President and Chief Executive Officer Yuki Kusumi will be starting a two-year mission to deliver more batteries for Tesla and shake-free billions of dollars to invest in new areas of growth by making the company more efficient;
He won’t be doing that from the second-floor office used by the company’s founder, a room overlooking a fountain and manicured lawn dotted with statues at Panasonic’s Osaka headquarters; The 56-year-old, who rose through the engineering ranks, is shunning the space to work alongside staff;
Kusumi, who formally takes the helm of the 103-year-old Japanese company on Thursday, says he’s focused on improving efficiencies from the manufacturing floor up; That type of work can’t be done locked away in the president’s office, he said in an interview earlier this month; Those are the type of things I’m out to change;
Some 20 years ago, Panasonic was topping global consumer electronics sales, with a hand in everything from televisions to digital cameras and mobile phones; In the years since it’s faced tightening margins and rising competition from rivals in South Korea and China; What’s now critical
Panasonic’s change of guard follows a decade of unparalleled shifts for the company, which operated for most of its time as Matsushita Electric Industrial Co; before changing its name; Kazuhiro Tsuga, Panasonic’s previous chief executive, spent close to nine years shedding struggling businesses, such as plasma TVs, and ultimately handed to Kusumi a leaner company no longer bleeding red ink; Now, it’s Kusumi’s job to steer Panasonic onto a path of growth;
The immediate plan is to spend two years specializing and sharpening Panasonic’s remaining businesses;

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